The SBA 504 loan refinance program Targeting business’s with mortgages / balloon payments.

Nov. 4, 2011 - PRLog -- The Small Business Administration (SBA) has issued a new temporary finance program that is going to be expanded to include loan maturities after December 31, 2012 program expiration date.

The extension was made to assist property owners that are facing huge balloon payments on their existing commercial mortgages that could possibly face foreclosure without the refinance ability. The Small Business Jobs Act authorizes the SBA to provide funding to small businesses for additional business expenses not originally part of the debt being refinanced.

On October 12, 2011 the SBNA revised its program to allow financing of eligible business expenses. The eligible business expenses include expense directly related to the business, salary, utilities, inventory or insurance.

One of the conditions of this SBA Small Business Act program states that debt must have been incurred at least two years prior to the application to be eligible for refinancing under this program.  The program is targeting business with mortgages and/or balloon payments coming due within the next two years. On April 4, 2011 the SBA expanded the program to include loan maturities after the December 31, 2012 deadline.

To find out more about this 504 refinance program please visit our website @ www.amagf.org.  --or -- Call us toll free at  877-912-6243

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American Association of Government Finance (AmAGF) specializes in SBA loan packaging & loan placement to help our members complete the process of getting the financing they need for their business. Start-ups and established businesses are eligible!